MODEL EXAMINATION 2011

Part III Score : 60 HSE( II) Time: 2 Hrs. ACCOUNTANCY WITH COMPUTERISED ACCOUNTING Part-A Accounting
1. Fill in the blanks :Bank Account (Furniture realized on dissolution ) Dr. 8500 8500

(score - 1) 2. Malappuram Ltd. Purchased machinery costing Rs.99000. It was agreed that the purchase consideration be paid by issue of 15% debentures of Rs.100 each. Assume debentures have been issued at a discount of 10%. Pass necessary journal entries. (score - 1) 3. (a) Rahim and Suresh are equal partners. Rahim got a govt. job. So decided to dissolve their business on 31.1.2011. (b) John and Jaffer are partners sharing profits and losses in the ratio 5:2. They decided to rearrange their profits in the ratio of 3:4. Identify the above type of dissolution and also discuss the difference between these two types of dissolution. (score - 2) 4. M/s Marble Brothers closed their business on 31.12.2010. The balance of capital accounts and general reserve are given below. Capital account :Abraham 40500 Msuthafa 32250 General reserve -- 20000 Their realization account is as follows :Realisation account Particulars Assets Bank Rs. 195000 55000 Particulars Liabilities workmens compensation Bank Abrahams capital - 1000 Musthafas capital - 1000 Rs. 60000 8000 18000 2000 250000 ======= (score - 3) 1

250000 ======= Prepare Capital accounts from the above information.

5. Ramu and Raju are partners in a firm. Ramu withdrew Rs.4000 at the beginning of every month. Raju withdrew Rs.3600 during the year at the middle of every month. According to the partnership agreement interest on drawings to be charged @ 10% p.a. Calculate interest on drawings using appropriate formula. (score - 3) 6. Give journal entries for the issue and redemption of debentures:(i) Issued 4000 12% debentures of Rs.100 each at a premium of 5% and redeemable at par. (ii) Issued 4000 12% debentures of Rs. 100 each at a discount of 3% and redeemable at 5% premium. (score - 4) 7. A,B and C are partners in the ratio of 3:2:1. B retires as per the agreement. For this purpose, goodwill is valued at 2 years purchases of average profits of last three years. The profits for the last three years are as under:First year - Rs.15000 Second year - Rs.19000 Third year - Rs.20000 Record necessary journal entries for goodwill on retirement of B (score - 4) 8. Ajith and Abijith are partners in a firm sharing Profit and Loss in the ratio of 2:1. As on 1.4.2009 the balances on their capital accounts were Rs.50,000, Rs.25,000 respectively. Their current account for the year 2009-10 is given below:Partners current account Ajith Abijith Particulars 40000 2000 By Balance 125 75 Salary 16875 13225 Commission Interest on capital P/L appropriation 21000 15300

Particulars To Drawings Interest on drawings Balance c/d

Ajith 10000 6000 ---3200 1800 21000

Abijith 8000 ---4000 2400 900 15300

Now they decided to maintain their capital accounts under fluctuating capital method. Help them to prepare the capital accounts for the year 2009-10 under this method. Also find the net profit or loss of the firm during the financial year 2009-10 as per profit and loss account. (score - 4) 9. Raju and Saju are partners in a small firm. They had been sharing profits and losses equally. They decide to change their profit sharing ratio to 3:2 from the next year. They increase the value of buildings by Rs.30,000 and decrease machinery by Rs.12,000 before change in profit sharing. What is the profit on revaluation. Give entries for revaluation and prepare the revaluation account. (score - 4)

10. Alfa Ltd. Co. issues 25,000 shares at Rs.10 each. Applications received for 20,000 shares. The money collected as follows: On Application Rs.2 On allotment Rs.3 On First Call Rs.3 On Second and First Call - balance amount All the amounts due were received except the final call money on 800 shares. These shares were forfeited. Pass necessary journal entries in the books of the company to record the above share capital transactions. (Score 6) 11a. Ramu and Raju are partners sharing profit in the ratio of 6:3. The balance sheet of the firm on 31st march 2009 is as follows:Balance sheet Liabilities Creditors Bills Payable Reserve Fund Capital :Ramu Raju Rs. 31000 25000 4000 75000 60000 Assets Cash in hand Rs. 5000

Bank 45000 Machinery 15000 Debtors 25000 Less Provision 3000 22000 Stock 20000 Furniture 15000 Land & Buildings 65000 P/L Account 8000

195000 195000 ====== ====== th They admit Sajeer for 1/8 share on the following terms:1. Sajeev is to bring Rs.40,000 as capital and brings his share of goodwill Rs.25,000 2. Stock is revalued at Rs.23,000. 3. Provision for Bad debt is required at Rs.4,600 4. Land & Building is revalued at Rs.68,000 5. Furniture and Machinery be depreciated by 10% 6. There was a joint life policy of Rs.40,000 having a surrender value of Rs. 6,000 on the date of admission. 7. Creditors of Rs.7,000 are recorded in the stock register has not been recorded in the books of account. You are required to prepare necessary ledger accounts and Balance Sheet of the new firm. OR 11b. A company offered 1,00,000 shares of Rs.10 each to the public on the following terms. Rs.3 payable on application, Rs.4 on allotment, the balance as and when required. Appliactions were received for 1,40,000 shares. Allotment was made as under : 80,000 applications were given 80,000 shares 50,000 applications were given 20,000 shares 10,000 applications - Nil 3

Application money is to be applied towards allotment and balance beyond that is to be returned. A share holder who applied for 1000 shares and was given 1000 shares failed to pay the allotment money. His shares were forfeited. And the directors decided to re-issue the shares at Rs.8 per share as fully paid. Pass necessary journal entries. (score - 8)

Part-B Computerised Accounting

1. The functional key used to get the detailed balance sheet on display of the balance sheet. a) F2 b) F1 c)F5 d)F11 (score - 1) 2. Credit purchase of furniture is entered through ----------- voucher. a)contra b) journal c)purchase d)payment (score - 1) 3. Customers accounts are opened under -------- account. (score - 1) 4. An excel file is called a ---------(score - 1) 5. Based on the given hint, fill the blanks Hint : Buildings = Fixed Assets a) Drawings = ------------b) Depreciation = ------------c) Closing Stock = ------------d) Wages = ------------e) Purchase return = ------------f) Sales Tax = ------------(score 3) 6. Write the formula or command for the following calculations to be performed through MS EXCEL, based on the details given below. CELL A1 B1 C1 D1 E1 Content NAME B.P DA (25% of HRA (10% of GROSS B.P) B.P) PAY a) DA in C2 b) HRA in D2 c) Gross pay in E2

(score - 3) 7. Enter the details of ledger creation and voucher entry for the following transactions in the given table. a) Commenced business with cash. b) Purchased Machinery from Star Traders on Credit. c) Sold goods to Santhosh. d) Paid Salary. Sl.No. Ledgers to be Created Under Voucher Type

(score 4) 8. A. Explain the procedure to display the Final Accounts by considering any 6 imaginary transcation. OR B. Mr. Ramkumar found that the balance as shown by his cash book not agrees with that of the bank pass book. Explain to him the procedure needed to agree both the balances by using Tally. (score 6) -----------------------------------------------------------------4